Cognition raises $2 billion at $48 billion valuation as AI coding competition intensifies
Led by Andreessen Horowitz and Accel, Cognition’s $2B September 2026 round values it at $48B—up from $26B four months earlier. Annualized revenue rose to $900M from $492M as it leases an Nvidia cluster and trains its own model to lower OpenAI/Anthropic reliance.